Three Typical Finance Localization Mistakes



Three Typical Finance Localization Mistakes

As more financial institutions try to attract overseas customers, the need for them to localize their products and services is growing swiftly. The need for financial translation services is therefore very high.

When assessing their alternatives for financial localization, businesses must search for a translation company that can meet all of their requirements. Because each type of financial product is specifically built and intended, it will undoubtedly require a unique translation and localization.

Due to the difficulty of localizing financial content, there are some common mistakes made during the localization process. Here are three of the most typical errors and advice on how to avoid them.

 

1.    Lack of attention to regulation compliance

Although this issue doesn't directly affect the end product, it does have an impact on whether the localized product is even permitted to advance in the nation. When a finance firm wants to enter a new market, it must abide by local legislation. There are often several financial and product restrictions in place in every nation, some of which have to do with labor, employment, and taxation.

Additionally, if a country's regulations apply to one local market but not another, translating a financial document might be particularly difficult.

The requirement that all documentation be supplied in the local tongue when firms try to list on regional securities and exchange markets should not be overlooked. Additionally, businesses frequently need to produce legal documents in the regional language in order to obtain business permissions. Due to the high level of detail in these procedures, even a small error might result in significant delays.

 

To avoid this, you must work with a financial translation company that is familiar with the legal requirements in your target market.




 

2.    Terms used incorrectly

The financial sector is one of those fields that has more specialized jargon than others, despite the fact that every industry has its own set of vocabulary. As a result, it's possible for linguists working on financial translation to make errors.

 

Proofreading and editing are the first steps in preventing terminology errors. Reviewers should thoroughly evaluate each localized financial product to ensure that all terminology is accurate. The creation of glossaries and translation memory is an additional method for ensuring uniformity throughout the content. This technology is accessible to reputable translation companies to guarantee consistent translations, styles, tones, and quality throughout a client's products.

 

3.    Numerical Errors

Number mistakes are yet another very typical error in financial translation. Although it might appear simple, interpreting numbers can be a challenging procedure with lots of possibility for error. A small difference in a number can grow into a much larger issue. In fact, even a minor inaccuracy, such as the incorrect punctuation of a number, will have an unfavorable impact on the document's outcome.

 

It is advantageous to collaborate with a language services provider (LSP) that specifically employs native translators who are authorities in their field in order to prevent value and number misunderstandings. They must to be able to accurately check the accuracy of number separators and comprehend the numerical system completely.

 

Financial localization can be difficult, mostly due to the abundance of highly specialized industries. As a result, the localization process is susceptible to a number of errors.  

Need Financial Translation? I’M Translation and ISIS Korea provides professional translation and interpretation services.

How might I’M Translation andISiS Korea aid translation?

At I’M Translationand ISiS Korea, we can connect you with a professional translators and interpreters. We have over 30+ languages available on our platform and we are flexible and available regardless of the language pair, topic, and time zone. Please visit us at www.imtranslation.com and www.isiskorea.com/eng to request a free translation and interpretation quote. Thank you

 

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